Ethics, Rules Of Conduct And Professionalism Part 1: RICS Requirements Flashcards
(44 cards)
When was the RICS founded?
1868
RICS has a royal charter, who granted this initially?
The Privy Council
What sets out governance in the institution?
Bye laws and RICS regulations
As on December 2023 how many qualified members are in the RICS.
As of December 2023 it was 113,000 qualified members and 28000 trainee members
What are the four levels of membership?
RICS Fellow - FRICS
Chartered Member - MRICS
Associate member - AssocRICS
RICS Student
What is the current RICS governance structure?
RICS is governed under the terms of its royal charter, by various councils and boards. The RICS governing council is the highest governing body ensuring the RICS fulfils its royal charter obligations and provide management and strategic direction.
Who is the current RICS president elect?
Justin Sullivan RICS
What was the Bichard review?
Lord Michael Bichard undertook a review of the RICS, after an independent review in 2021 of internal governance failings. The Bichard review included consultation with key members and external stakeholders and recommended a phased approach to adopting clear responsibilities for governance by individuals. This included, recruiting a new management board and standards and regulation board, and holding elections for key RICS committees and groups. The RICS agreed to adopt all the Bitchard recommendations and changes are on going. The aim is to deliver a member-led public interest focussed RICS with 5 key themes of governance, strategy, people, culture and values and member service.
When was the Bichard review reported?
June 2022 making 36 recommendations in 7 key areas
In November 2023 the RICS published 5 future foundations following the Bichard review what are they?
Vision, mission, strategic goals, values and a world class organisation.
What are 5 benefits of being an RICS member?
- Status - your professional credentials provide unrivalled client confidence
- Recognition - promotion of your professional excellence to governments and markets
- Market advantage - RICS status and standards gives you a competitive advantage
- Knowledge - international practice standards,
Professional guidance, CPD & knowledge sharing - Network - access to professionals worldwide
What does the RICS 2022 Rules for the Regulation of firms state?
If 50% of principals of the UK which provide surveying services are RICS members then it has to be regulated, and if at least 25% then it can apply to be regulated.
What information is required by the RICS for registration?
- Type of business and staffing details
- Name of responsible person
- Statutory regulated activities - such as for financial services
- Nature of clients
- Complains handling procedure details and records
- Professional indemnity insurance details
- Whether the firm holds clients money
When were the RICS Rules of conduct published?
October 2021but became effective from feb 2022
Name the five rules of conduct
- Members and firms must be honest, act with integrity and comply with their professional obligations including obligations to RICS
- Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
- Members and firms must provide good-quality and diligent services
- Members and firms must treat others with respect and encourage diversity and inclusion
- Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.
What are professional obligations?
Appendix A to the rules of conduct set out professional obligations which are to be followed by members and by regulated firms. RICS MEMBERS must:
1. Comply with the CPD requirements set by RICS
2. Cooperate with RICS
3. Promptly provide all information reasonably requested by the standards and regulation board, or those exercising delegated authority on its behalf.
There are seven separate RICS professional obligations for RICS regulated firms.
What is the RICS ethics decision tree?
The RICS ethics decision tree provides a framework of questions which members should ask themselves when facing a situation in which they are asked to act in a potentially unethical manner or situation.
What three levels of disciplinary actions are there?
- Action by Head of Regulation
- Disciplinary panel
- Appeal panel
The first step of an investigation can be a formal investigation by the Head of Regulation of the RICS. The head of regulation can initiate one of the following four actions upon completion of their investigation if they consider that disciplinary action is required, what are the four actions that could be enforced?
- Serve a fixed penalty notice
- Make a regulatory compliance order
- Refer the matter to a single member of the regulatory tribunal for consideration
- Refer the matter directly to a disciplinary panel.
What guidance for RICS members is there for social media?
Use of social media: guidance for RICS members 2024.
There is a new RICS core material replacing the RICS professional statements and guidance notes what is this?
RICS professional standards the RICS is currently reviewing and re-categorising all current professional statements and guidance notes to become professional standards.
What are professional standards?
These are set requirements or expectations for RICS members and regulated firms about how they provide services or the outcomes of their actions.
What must be stated within the Terms of Engagement?
Must state in writing the clients agreement to the proposed fee basis, payment and expenses (and how calculated) and that a copy of the firms complaints handling procedure is available upon request.
Must be compliant with section 18 of the Estates agents act 1979 and Money Laundering regulations 2017 amended.
Members ,use check professional competence, ensure there is no conflicts of interest or personal interests, confirm terms if engagement in writing before written approval from the client before starting any works on instruction.
When may it be appropriate to decline an instruction?
- You are not competent to undertake the works
- You do not have sufficient facts on the issue
- The proposed client will not sign your terms of engagement or complete AML checks
- There is a conflict of interest or personal interest
- Professional indemnity insurance liability cap cannot be agreed
- The advice is for a friend or on a pro bono basis
- The potential client is on the UK government sanctions list
